Smart Save for Minors Fees and Interest

Fees with effect from 1st April 2017:

R 2.00 up to R100.00, thereafter an additional R 2.00 per R100.00 or part thereof above R100.01

Deposits (Cheque)

Free

Dishonoured Cheque

R 77.00

Special clearance of cheque deposits

R 90.00

Withdrawals (Cash) Branch

R 13.00

Withdrawals (Cheque) Branch

R 40.00

Monthly Account Maintenance

Free

Replacement: Smart Save Book

R 87.00

Account Dormancy Fee

Free

Repayment from unclaimed funds

R 50.00

Full Statement (Counter)

R 13.00

Full Statement (Mailed on request)

R 13.00

Mini statements and balance enquiries (Branch)

Free

Interest with effect from 21 July 2017:

On balance (Rand)

Interest Rate (% pa)

0 - 50

0.25%

50.01 - 5 000

0.85%

5 000.01 - 15 000

1.25%

15 000.01 - 25 000

1.70%

25 000.01 - plus

3.50%

NB: Interest is calculated on a daily balance and credited to the account on the last day of every month.

What is the interest?

Smart Save for Minors is a short term Savings account, so the interest is not very high but you do get immediate access to your cash. A balance of R20 000 in the account for example earns 1.70% interest per year which equals R340.00 per year (about 94 cents a day and about R28.33 a month). If you need access to your cash but still want to earn a little interest, then Smart Save for Minors is the account for you.